Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 7, Problem 2CTQ
How did their Ahmed and Steven Case’s
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(1) Would you consider entering into a businesspartnership with your best friend? Why or why not? (2)Now turn the question around: Would your best friendconsider having you as a business partner?
Bonnie Brewer and Stacy Kim were college roommates. While at school, they shared dreams of opening their own business. To prepare themselves, they took business and marketing courses, along with courses in management. When they graduated, they each found jobs in Seattle, near where they’d gone to school.
Several years later, after working at other companies to gain experience, the two women decided to take the plunge together and made a plan to open a small café where they and their customers could indulge their love of good coffee and fine chocolate. They looked at two locations for their café: one near Pike Place Market, which gets a lot of foot traffic from shoppers and businesspeople, and one near the university, where shops and restaurants are patronized by students, faculty, staff, and local residents. They chose the university location because they thought they knew and understood those customers well. The doors to Custom Coffee & Chocolate opened several months later, with…
1. Ask yourself and list down what qualities do you want from a business partners, and then identify people who have these qualities to be a partner for a small business project.
2. Answer the following:
What market - product can be converted into business opportunity?
What role will each of the partners play (who to do buying, who to do marketing, who to do selling, who to do delivery, etc.)?
Who among you shall be the head of the partnership? Why?
How will profit be split?
What are sales goals weekly for the next four weeks?
3. Who among the successful entrepreneurs you know can be your mentor? Why?
Chapter 7 Solutions
Principles of Management
Ch. 7.1 - What do you think enabled Jack Bonneau to start...Ch. 7.1 - What personal characteristics and values will Jack...Ch. 7.1 - Describe several types of entrepreneurs.Ch. 7.1 - What differentiates an entrepreneur from a...Ch. 7.1 - What are some major factors that motivate...Ch. 7.2 - What type of entrepreneur is Apollonia PoilĂ¢ne?Ch. 7.2 - What personal ethics drove Apollonias decision to...Ch. 7.2 - Describe the personality traits and skills...Ch. 7.2 - What does it mean when we say that an entrepreneur...Ch. 7.3 - What are three ways small businesses can be...
Ch. 7.3 - What social and economic factors have prompted the...Ch. 7.4 - How can potential business owners find new...Ch. 7.4 - Why is it important to develop a business plan?...Ch. 7.4 - What financing options do small-business owners...Ch. 7.5 - What led MailChimps founders to change its focus...Ch. 7.5 - What was MailChimps big idea that changed the...Ch. 7.5 - How does the small-business owners role change...Ch. 7.5 - How does managing a small business contribute to...Ch. 7.5 - What are the benefits to small firms of doing...Ch. 7.6 - Why are small businesses becoming so popular?Ch. 7.6 - Discuss the major advantages and disadvantages of...Ch. 7.7 - What is the Small Business Administration (SBA)?Ch. 7.7 - Describe the financial and management assistance...Ch. 7.8 - What significant trends are occurring in the...Ch. 7.8 - How is entrepreneurial diversity impacting small...Ch. 7.8 - How do ethics impact decision-making with...Ch. 7 - What are the differences between classic,...Ch. 7 - What differentiates an entrepreneur from a...Ch. 7 - What are some major factors that motivate...Ch. 7 - How can potential business owners find new...Ch. 7 - Why is it important to develop a business plan?...Ch. 7 - What financing options do small-business owners...Ch. 7 - How do the small-business owners and entrepreneurs...Ch. 7 - What are the benefits to small firms of doing...Ch. 7 - Describe the financial and management assistance...Ch. 7 - What significant trends are occurring in the...Ch. 7 - How is entrepreneurial diversity impacting small...Ch. 7 - How do ethics impact decision-making with...Ch. 7 - What characteristics made Vic Ahmed a successful...Ch. 7 - How did their Ahmed and Steven Cases partnership...Ch. 7 - Is focusing on smaller cities rather than areas...
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- please answer all the questions: 1- Define: A- Sole Proprietorship.B- Partnership.C- Corporation 2-Describe 4 Advantages and 4 Disadvantages of each of these forms of Business.arrow_forwardDefine the following types of organizations and give an example of each. Also, how are profits taxed in each organization? Sole proprietorship Partnership LLC S-Corporation C-Corporation Which of the above organizations do you think would be the best for a start-up? Why?arrow_forwardMr. Imran and Mr. Salim are business partners. They often argue and disagree with each other when it comes to handling their business. Continuous conflict and differences in opinions among owners in a business could lead to which of the following? Business might become diversified Business might merge with another company Business might not continue Business might have more profitsarrow_forward
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